Sheraton Pleasanton has been sold
Previous financiers of hotel near Stoneridge Shopping Center had filed default notice in January 2009
The Sheraton Pleasanton Hotel next to Stoneridge Shopping Center has been sold for $12.3 million, the hotel has announced.
PKF Capital San Francisco said it arranged the sale of the 170-room hotel to Pleasanton Lodging LP, a partnership involving principals from Sethi Enterprises and Kapoor Enterprises.
The property was converted to a Sheraton Hotel from a Wyndham Garden Hotel in 2006 after a multimillion dollar renovation. Another $500,000 in renovations was planned to be spent last year but was curtailed due to financial problems.
According to Alameda County property records, the financiers of the Sheraton filed a notice of default in January 2009 due to the worsening economy and a reduction in business travel. The hotel later went into foreclosure.
"The new owners have a great plan to retain the Sheraton brand and solidify its position as a preferred corporate address," Mark McDermott of PKF said in a statement.